Kindly answer in good accounting for. THANK YOU VERY MUCH! Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image)  1. Determine the net profit of the Cavite Branch for 2021. 2. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. 3. Using the same information

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Kindly answer in good accounting for. THANK YOU VERY MUCH!

Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) 

1. Determine the net profit of the Cavite Branch for 2021.

2. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022.

3. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.

Accounts
Debit
P 5,040
Credit
Cash...
Home Office Current .
P 21,000
Purchases from outsiders .
Shipments from Home Office
Accounts receivable ..
Expenses ....
Interest expense.
Gain on sale of equipment.
Sales ....
25,000
56,216
15,360
7,500
684
8,800
80,000
P109.800
P109.800
Transcribed Image Text:Accounts Debit P 5,040 Credit Cash... Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office Accounts receivable .. Expenses .... Interest expense. Gain on sale of equipment. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800
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